I commute in car crazy So Cal where we average 1 bicycle death a month, just in Orange County. This year, it's been awful; I believe that we're up to 10 already in 2014; this Sunday is yet another memorial ride for 2 recent victims.
There have been 3 ghost bikes placed at different points on my regular commute in the past 2 years. It's sobering. That said, I love riding my bike. I take as many precautions as I can by wearing hi-viz clothing and helmet, multiple rear lights including a Dinotte, front lights, flashers, and I even have a friggen air horn. I obey traffic laws, and I practice patience. I wear my Road ID every time I'm on the bike, and I use Garmin's live tracking so my wife and family know where I'm at. Despite my best efforts, I know that I'm one distracted/drunk/impatient driver away from having a really bad day. Thing is, I could be taken out in my car on the 5 freeway too; do I think about that every time I get behind the wheel? nope.
I read a great quote once; "I don't ride my bike to add years to my life, I ride my bike to add life to my years" That pretty much sums it up for me. I just love riding my damn bike. My wife gets it, and so does my son. While I know they worry, I also know that I can make them worry less by taking precautions, and being selective on talking about close calls and the many idiots I encounter on my commute; many of which are other bicyclists.
There are risks in everything we do. For me, the positive benefits of riding and commuting on a bicycle far outweigh the negative.